Drilling Tools International Corp. (NASDAQ:DTI) Short Interest Update

Key Points

• Short interest jumped 62.8% to 293,886 shares as of August 31, representing 1.0% of outstanding shares and 1.6 days to cover.
• DTI shares traded at $2.50, near their 50-day average of $2.43 and below their 200-day average of $2.85. The company recently reported a quarterly loss of $0.02 per share, missing estimates, while revenue also fell slightly short of expectations.
• Analyst sentiment is mixed, with ratings spanning Strong Buy, Hold, and Sell; the overall consensus is Hold with an average price target of $2.80. Institutional and hedge-fund ownership stands at 2.79%.

Drilling Tools International Corp. (NASDAQ:DTI - Get Free Report) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totaling 293,886 shares, an increase of 62.8% from the August 15th total of 180,494 shares. Currently, 1.0% of the shares of the company are short sold. Based on an average daily trading volume, of 185,722 shares, the days-to-cover ratio is currently 1.6 days.

Drilling Tools International Trading Up 0.2%

Drilling Tools International stock traded up $0.01 during trading on Thursday, hitting $2.50. The company's stock had a trading volume of 35,581 shares, compared to its average volume of 311,014. The stock's fifty day moving average is $2.43 and its 200 day moving average is $2.85. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.58 and a current ratio of 2.18. Drilling Tools International has a 1-year low of $1.65 and a 1-year high of $4.69. The stock has a market capitalization of $88.02 million, a price-to-earnings ratio of -27.72, a P/E/G ratio of 2.78 and a beta of -0.62.

Drilling Tools International (NASDAQ:DTI - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Drilling Tools International had a positive return on equity of 0.58% and a negative net margin of 1.97%.The firm had revenue of $38.07 million during the quarter, compared to analysts' expectations of $38.72 million. As a group, equities research analysts predict that Drilling Tools International will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Engineers Gate Manager LP grew its stake in Drilling Tools International by 129.2% during the 2nd quarter. Engineers Gate Manager LP now owns 37,825 shares of the company's stock valued at $73,000 after purchasing an additional 21,319 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Drilling Tools International in the 2nd quarter valued at approximately $34,000. AXQ Capital LP boosted its stake in shares of Drilling Tools International by 93.5% during the 2nd quarter. AXQ Capital LP now owns 48,048 shares of the company's stock valued at $93,000 after buying an additional 23,213 shares during the last quarter. Private Management Group Inc. purchased a new position in shares of Drilling Tools International during the 2nd quarter valued at approximately $3,361,000. Finally, Empowered Funds LLC acquired a new stake in shares of Drilling Tools International during the second quarter worth approximately $103,000. Hedge funds and other institutional investors own 2.79% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on DTI. Zacks Research upgraded Drilling Tools International from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Jefferies Financial Group reissued a "hold" rating and set a $2.80 price objective on shares of Drilling Tools International in a report on Sunday, August 9th. Finally, Weiss Ratings downgraded Drilling Tools International from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $2.80.

About Drilling Tools International

Drilling Tools International Corp. NASDAQ: DTI provides rental and related services for downhole drilling tools used in oil and natural gas exploration and production. The company serves drilling contractors, exploration and production companies, and oilfield service providers, supporting onshore and offshore drilling operations.

Its product portfolio includes drill pipe, drill collars, stabilizers, subs, drilling jars, shock tools, completion tools, fishing tools, and other specialized equipment.

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